One of the country's biggest public builders has opened an office in California's fifth-largest metropolitan area.
TRI Pointe Homes is expanding its footprint in Northern California by opening a new division in Sacramento, Calif. The new division has started operations with an initial new community and several more planned throughout the region.
The company's expansion into Sacramento capitalizes on a housing market that has rebounded strongly from the recession with tremendous job growth in high-income sectors including government, health care, tech and financial services . In addition to a strong local economy, the market is supported by buyers seeking attainable home prices while still being able to maintain social and employment connections to the Bay Area, says Tom Lemon, president of the new division. “We’ve been watching this market closely and all market conditions indicate that this is an opportune time to enter the region,” he says.
The first community for TRI Pointe Homes in Sacramento is in Natomas Meadows, where the company plans to build 94 small lot, single-family homes. The community is scheduled to open in late 2018 and will offer homes priced within reach of first-time buyers. TRI Pointe Homes Sacramento is working proactively on additional land acquisitions and currently controls land for more than 250 lots that it expects to bring to the market in late 2018 and 2019.
The Natomas Meadows land was previously owned by TRI Pointe Group builder brand Pardee Homes. After acquiring Pardee Homes, TRI Pointe Group was able to bring greater value to the land in Natomas Meadows by re-entitling it from townhomes to single-family homes that feature indoor/outdoor living, 2-car garages and backyards.
While remaining consistent and disciplined in the land it chooses to acquire, TRI Pointe Homes Sacramento will look for opportunities to develop communities for multiple market segments ranging from entry-level to move-up to high-end in locations near new employment centers, desirable schools and convenient services.
“TRI Pointe Group’s established reputation for organic expansion in major markets both within and outside of California, combined with our executive team’s experience within the Sacramento market from past business endeavors, places us in an excellent position for success,” says Doug Bauer, CEO of TRI Pointe Group. “The Sacramento divisional team will have the advantage of leveraging TRI Pointe’s national resources and leadership, while utilizing its regional expertise to act with the agility of a local builder brand.”
